MORTGAGE TIP OF THE DAY:
FHA treats a free standing condo as if it were a house. Therefore, the complex does NOT have to be FHA approved. They are automatically approvable.

THOUGHT OF THE DAY: (This is the serious part)
“Cocaine is God’s way of saying you’re making too much money.”
Robin Williams
(1952- )
American actor and comedian

FUN FACTS:
The microwave was invented after a researcher walked by a radar tube and a chocolate bar melted in his pocket.

Wednesday, February 8, 2012, 11:20am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
When attending meetings, sit down front.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
When doing a FHA loan, if situations arise which FHA wants fixed prior to closing, they will allow us to escrow 1.5 times of the costs of the repair as long as it is not a health hazard. Those funds can be contributed by the buyer. Rarely, does the seller or the buyer want to do the repairs prior to closing. After the work is done, the repair is paid for by the lender holding those funds and the remainder is returned to the buyer (or who contributed the funds).

THOUGHT OF THE DAY: (This is the serious part)
“The hardest thing to learn in life is which bridge to cross and which to burn.”
David L. Russell
(1921- )
American educator

FUN FACTS:
The Cruise liner, QE2 moves only six inches for each gallon of disesel that it burns.

Tuesday, February 7, 2012, 10:55am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Don’t ever watch hot dogs or sausage being made.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
Remember USDA loans are available for those folks who are buying in the country. 100% financing is available. The property must show up eligible with USDA. Almost NO properties are elgible in Franklin County. A small number of properties south of Grove City are eligible. There is also a section north of Powell, South of Delaware that is eligble. Most of Madison, Licking, and Fairfield Counties are eligible. There is a maximum income limit which is in the upper $60,000 a year for a family of two.

THOUGHT OF THE DAY: (This is the serious part)
“Every company’s greatest assets are its customers, because without customers there is no company.”
Michael LeBoeuf
(1942- )
American business writer

FUN FACTS:
Rubberbands last longer when refrigerated.

Monday, February 6, 2012, 11:15am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
After experience inferior service, food or products, bring it to the attention of the person in charge. Good managers will appreciate knowing.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).
13. MIP/PMI can be dropped no sooner than 2 years for conventional, 5 years for FHA.
14. FHA tends to be little harder on appraisials than conventional. They need no chipping paint, handrails on stairs, etc.

THOUGHT OF THE DAY: (This is the serious part)
“Boy, those French! They have a different word for everything.”
Steve Martin
(1945- )
American actor and comedian

FUN FACT:
Peanuts are one of the ingredients of dynamite.

Friday, February 3, 2012, 11:15am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Keep a tight rein on your temper.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).
13. MIP/PMI can be dropped no sooner than 2 years for conventional, 5 years for FHA.
14. FHA tends to be little harder on appraisials than conventional. They need no chipping paint, handrails on stairs, etc.

THOUGHT OF THE DAY: (This is the serious part)
“Figures won’t lie, but liars will figure.”
Charles H. Grosvenor
(1833-1917)
American labor leader

FUN FACT:
In the last 4,000 years, no new animals have been domesticated.

Wednesday, February 1, 2012, 11:20am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying
off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
When facing a difficult task, act as though it is impossible to fail.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).
13. MIP/PMI can be dropped no sooner than 2 years for conventional, 5 years for FHA.

THOUGHT OF THE DAY: (This is the serious part)
“A thing is worth whatever the buyer will pay for it.”
Publilius Syrus
(1st century B.C.)
Latin writer of mimes

FUN FACT:
February 1865 is the only month in recorded history not to have a full moon.

Tuesday, January 31, 2012, 10:55am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Promise big. Deliver big.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).
13. MIP/PMI can be dropped no sooner than 2 years for conventional, 5 years for FHA.

THOUGHT OF THE DAY: (This is the serious part)
“Blesed are the young, for they shall inherit the national debt.”
Herbert Hoover
(1874-1964)
31st President of the United States

FUN FACT:
Babies are born without knee caps. They don’t appear until the child reaches 2 to 6 years of age.

Monday, January 30, 2012, 11:20am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (same) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Leave the toilet seat in the down position.

Rates and APRs Established By:

STEVE WAGNER Mortgage Consultant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).

THOUGHT OF THE DAY: (This is the serious part)
“Every crowd has a silver lining.”
Phineas Taylor (PT) Barnum
(1810-1891)
American circus owner and showman

FUN FACT:
An ostrich’s eye is bigger than its brain.

Friday, January 27, 2012, 11:15am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (same) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.250% (-.125%) 3.498% $1,405.34 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.375% (-.125%) 3.605% $1417.52 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (same) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (same) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Hear both sides before judging.

Rates and APRs Established By:

STEVE WAGNER Marketing Assistant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.
12. FHA does NOT require the borrower have reserves after the transaction, conventional requires they have money left over depending on what they are buying (rental vs. owner occupied vs. vacation home).

THOUGHT OF THE DAY: (This is the serious part)
“Politics has got so expensive that it takes a lot of money to even get beat with.”
Will Rogers
(1879-1935)
American actor and humorist

FUN FACT:
Almonds are a member of the peach family.

Thursday, January 26, 2012, 11:15am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 3.875% (-.125%) 3.947% $940.48 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.000% (-.125%) 4.072% $954.85 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.500% (same) 3.731% $1429.76 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.750% (-.125%) 4.723% $1117.78Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.750% (-.125%) 4.854% $2,180.49 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently.
We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Listen to your children.

Rates and APRs Established By:

STEVE WAGNER Marketing Assistant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com

Crude Oil is down this morning again. Gas in Central Ohio has been dropping slowly over the past few weeks. Put off buying gas for a few days, if you can.

MORTGAGE TIP OF THE DAY:
I haven’t done this for a while, let’s compare the differences between FHA and Conventional loans. That’s always useful:
1. FHA tends to have a lower rate than conventional. Usually by .125% or more.
2. FHA only requires 3.5% down while conventional requires 5.0% down.
3. FHA loans are assumable where conventional loans are not.
4. Late charge on FHA is 4% of the monthly interest and principal payment, conventional is 5%.
5. MIP and PMI are quite different between the two. FHA has a 1% MIP upfront with a 1.15% in the payment. Conventional has NO upfront PMI with a smaller amount in the payment. That can run from .78% to .32% depending on the down payment.
6. Maximum loan amount for FHA in this county is $341,250 while the maximum loan for Freddie and Fannie is $417,000. Jumbo loans have no maximum. Just over $417,000.
7. FHA allows us to escrow for repairs at closing but conventional will not allow us. The repairs to escrow for FHA cannot be a health or safety hazard.
8. To get the best rate for an FHA loan, the minimum credit score is 680, for conventional, it is 740.
9. FHA offers a 203K where updates can be worked into the loan where conventional does not offer this.
10. FHA will not drop MIP sooner than 5 years. Conventional will let it drop as short as 2 years assuming the loan to value is 78% or better.
11. FHA allows the entire down payment to be a gift, conventional requires at least 5% down to be the borrowers own money.

FUN FACT:
A snail can sleep for three years.

Wednesday, January 25, 2012, 10:50am

Loan Program Rate: APR*: Payment Estimates:

30 Year Fixed 4.000% (same) 4.072% $954.85 Interest and Principal
• Purchase or rate and term refinance

30 Year Fixed 4.125% (same) 4.198% $969.30 Interest and Principal
• Cash out refinance***

15 Year Fixed 3.375% (same) 3.605% $1417.52 Interest and Principal
• Purchase or rate and term refinance

15 Year Fixed 3.500% (same) 3.731% $1429.76 Interest and Principal
• Cash out refinance***

Bond Money 3.875% (same) 4.862% $1132.15 Int. & Princ. & Mtg Ins.
• First Time Homebuyer Bond Money + 1% origination fee

FHA Fixed 3.875% (same) 4.723% $1132.15Int. & Princ. & Mtg. Ins.
• Purchase or refinance

Jumbo Fixed 4.875% (same) 4.980% $2,212.10 Interest and Principal
• 30 Year Purchase and Refinance over $418,000

5/1 ARM 3.000% (same) 3.285% $872.72 Interest and Principal

30 Year Purchase and no cash out refinance

LEGAL STUFF

Provided for informational purposes only.

• *APR – Annual Percentage Rate
• **ARM – Adjustable Rate Mortgage (rate may increase after consummation of the loan)
• ***Cash out refinance – Refinance means pulling out at least $2,000 or more or paying off a non-purchase second mortgage

All payments estimates above do not include amounts for property taxes and homeowner’s insurance premiums and your actual payment obligation will be greater.

Annual Percentage Rates and Payment Estimates quoted are based on a $200,000 loan amount and Jumbo fixed loan amount is $418,000 and 20% down payment with the exception to the FHA and OHFA quotes which are based on a 3.5% down payment.

Qualifying Assumptions (unless otherwise noted): 30 day rate lock, $200K-$417K loan amount, credit scores 740+, Owner-occupied Purchase or rate/term refinance, 75% loan to value. Cash-out refinances (including paying off a non-purchase 2ndmortgage) could result in a slightly higher interest rate. The interest rates quoted are to serve as a guide only and may be different based on specific loan features. Please call for a specific quote.

We CANNOT lock in an interest rate on a loan with a voicemail or email. The customer MUST talk to the loan officer over the phone or in person before it can be confirmed. The market changes too frequently. We recommend calling during business hours to make sure we have all the markets open and available.

THINGS MY MOM WOULD HAVE SAID:
Avoid sarcastic remarks.

Rates and APRs Established By:

STEVE WAGNER Marketing Assistant
614-445-6667…stevewagner@stevewagnermortgage.com

The Martin, Traxler & Wagner Team of Priority Mortgage Corp.

888.332.5301 Toll Free
614.474.8050 Fax
www.prioritymortgage.com